With the objective of enhancing consistency among auditors and within the financial reporting community, ISCA has developed a practical guide to assist auditors and companies obtain the required and relevant information pertaining to related party transactions, arrangements and balances, from identified key management personnel (KMP). This practical guide has been designed to facilitate compliance with the disclosure requirements of Singapore Financial Reporting Standard (FRS) 24 Related Party Disclosures, Singapore Companies Act and Singapore Exchange Listing Manual with regards to KMP. This practical guide does not provide guidance on the identification of KMP. Auditors are required to perform separate audit procedures to ensure that all KMP are appropriately identified.
Please click here for the practical guide. To facilitate the use of the guide, please click here for the confirmation templates.